Reopening of assessment without any new information is unjustified

Standard Industries Limited Vs DCIT (Bombay High Court) Bombay High Court held that reopening of assessment under section 148 in absence of any new information received by AO between the date of assessment order u/s 143(3) till the issuance of notice u/s 148 is unjustified and untenable in law. Facts- The petitioner among others is engaged in the business of trading in the textile goods as also in real estate development. The petitioner owned a free-hold land at Sewree on which it was entitled to transferable development rights (TDR) as per the Development Control Regulations for Greater Mumba...